Blockchain for End-to-End Supply Chain Transparency

Blockchain is the digital record-keeping technology behind cryptocurrency networks that has been phenomenal. It has been a potential game changer in the financial world. It is also a promising technology in supply chain management as it fosters them through faster and more efficient delivery of products. It also enhances the traceability of the product, aids coordination between the partners, and makes financing more manageable. Blockchain has been phenomenal in supply chain networks, fostering consensus mechanisms, decentralization, reliability of systems and data, and improving overall performance. Blockchain renders opportunities for supply chains to strengthen their traceability and enhance end-to-end visibility. This level of transparency in blockchain-based supply chains is the need of the hour for the pharmaceutical and consumer goods industries. The modern pharma supply chains are complicated; thus, incorporating blockchain-based smart contracts to monitor the interaction between the participants helps companies stay informed of the sales transactions and ensures prompt payment dispersals. Smart contracts help regulate the interaction by monitoring the status of IoT containers in the pharmaceuticals and consumer goods industry.